Genmar Files for Bankruptcy... [Archive]

ApS

06-09-2009, 05:21 AM

This bankruptcy (http://personalmoneystore.com/moneyblog/2009/06/02/genmar-bankruptcy-yachts/) doesn't affect me, but owners of these yachts and boats below should be advised:

Carver, Marquis, Windsor Craft, Four Winns, Glastron, Larson, Hydra Sports, Sea-Swirl, Wellcraft, Champion, Ranger, Stratos, Triumph, and FinCraft brands.

Laid off: One thousand employees. :(

Cal

06-09-2009, 02:54 PM

The economy has taken its toll , for sure. Worst part is , it probably not over yet. As a Formula owner , I know they have laid off quite a few too:(
Hope the good ones survive:cool:

Rinkerfam

06-09-2009, 09:29 PM

I wonder if Genmar will shed some of it's less profitable brands like GM. Maybe after the restructure it will emerge as a leaner, meaner Govmar;)

4Fun

06-10-2009, 08:58 AM

What a lousy article written by someone who has NO clue about boating.

"Draw a bath on my Carver Yacht". Give me a break.

I read a better article that said they are restructuring and it's "business as usual" at Genmar" Winnisquam marine is very optimistic about the situation. All warranty work is being paid.

LIforrelaxin

06-10-2009, 09:41 AM

The key here is to understand what type of backruptcy they filed for. Chapter 11 is a restructuring bankruptcy. It indicates that the company has taken a bad term, the need to restructer themselves and have some pertection for creditors while they do that.

Warranty work should continue to be piad, and honored..... as indicated in a earlier post, from a comment made by Winnisquam Marine.

Many companies file Chapter 11, it doesn't mean they are ready to go belly up.....

A notable company still around after Chapter 11........ Sears.......

BrownEyedGirl

06-16-2009, 10:47 PM

The key here is to understand what type of backruptcy they filed for. Chapter 11 is a restructuring bankruptcy. It indicates that the company has taken a bad term, the need to restructer themselves and have some pertection for creditors while they do that.

Warranty work should continue to be piad, and honored..... as indicated in a earlier post, from a comment made by Winnisquam Marine.

Many companies file Chapter 11, it doesn't mean they are ready to go belly up.....

A notable company still around after Chapter 11........ Sears.......

Correct. Another notable company that filed for Chapter 11 bancruptcy is K-Mart. Chapter 7 is the very end of the road where owners should start to be concerned. Chapter 11 is like you said, restructuring. Laying off workers is unfortunately a normal part of that "restructure".

fatlazyless

07-10-2009, 05:52 PM

"We are giving them away"

Newly changed sign message on the Lakeport Landing marquee along Union Ave in Laconia.. Lakeport Landing is a Formula Dealer. Do not know if Genmar makes Formula boats but it seems like an unusual sign.

Got to get right down there, first thing tomorrow morning. Hopefully, Formula makes an all aluminum go-fast with some quiet exhaust like a stealthy super bass boat for sneak'n up on a small mouth!

"We are giving them away" ......shazzamm! :D

trfour

07-10-2009, 08:47 PM

"We are giving them away"

Newly changed sign message on the Lakeport Landing marquee along Union Ave in Laconia.. Lakeport Landing is a Formula Dealer. Do not know if Genmar makes Formula boats but it seems like an unusual sign.

Got to get right down there, first thing tomorrow morning. Hopefully, Formula makes an all aluminum go-fast with some quiet exhaust like a stealthy super bass boat for sneak'n up on a small mouth!

"We are giving them away" ......shazzamm! :D

fatlazyless sent you. They'll give you the whole place!